Mile High Club Exposed!

The Big Three Recover!

Big Firms Pay No Taxes!

U.S. Slips to Fifth Place!

VW Curbs Off-Hour Email!

CEOs Play Musical Chairs!

World's Greatest Innovator Dies!

U.S. Credit Rating Slammed!

Executive Pay Explodes!

Wall Street Occupied!

Job Cuts on Wall Street!

The year 2011 definitely had its share of big-time surprises. Here are the news stories that surprised and astonished most of the business world.

The story: Political junkies and media executives alike were astounded when American Online bellied up a hefty $315 million to buy the Huffington Post, a blogger site that was worth less than $1 in 2005.

Why it was shocking: America Online still exists! Who knew?

The story: A federal jury found Lee Farkas--the former chairman of Taylor, Bean & Whitaker--guilty on 14 counts of securities, bank and wire fraud and conspiracy to commit fraud in a $2.9 billion plot led to the 2009 collapse of Colonial Bank.

Why it was shocking: What? A banker found guilty? That never happens!

The story: Cathay Pacific scuttled a global ad campaign when nude photos of a pilot and a stewardess cavorting together surfaced in the Hong Kong media.

Why it was shocking: The ad campaign tag line: "Meet the team that goes the extra mile!"

The story: Just three years ago, it looked as if Ford, GM and Chrysler would go the way of the dinosaurs when the economy collapsed. Now all three are profitable--and even paying bonuses and dividends!

Why it was shocking: Surprise! Government bailouts sometimes work!

The story: A comprehensive report on corporate taxes found that, despite a high corporate tax rate in the United States, many large firms paid little or no taxes as the result of special breaks, exceptions and obscure accounting rules.

Why it was shocking: Some huge firms actually paid taxes! Who did they forget to bribe?

The story: The United States slipped from No. 1 (2008) to No. 5 (2011), according to the World Economic Forum's annual study of the earth's most competitive economies.